According to Indian media reports, the second exhibition "LDJS 2022" for cultivating diamonds and jewelry was held in Mumbai, India, from August 5 to 8. Organised by the Diamond Jewellery Fostering Promotion Committee (LGDJPC), the fair featured more than 100 exhibitors from Mumbai, Surat and elsewhere. Exhibitors from more than nine countries are participating in the event, organizers said.

Speaking at the opening ceremony, LGDJPC Chairman Shashikanth Dalichand Shah said, "LGDJPC has been committed to fostering the development of the diamond industry, not only to promote nurturing diamond jewellery, but also to dispel diamond myths and inform consumers and traders about the characteristics and advantages of nurturing diamonds in India and beyond. The exhibition will showcase India's exquisite craftsmanship in nurturing diamond jewelry making to the world. India's cultivated diamond industry is growing and improving and it is only a matter of time before it becomes the world's largest cultivated diamond jewellery manufacturing centre."

Lab Grown Diamond and Jewellery Promotion Council (LGDJPC) is a global organisation that aims to foster the development, advancement and protection of the diamond industry in every link, such as raw stone production and processing, jewellery making all the way to the end consumer. In 2019, LGDJPC held its first Breeding Diamond and Jewelry exhibition.

There is a huge growth in cultivating diamonds and jewelry, both in India and globally. This greatly reduced market dependence on mined diamonds has had a significant impact on the manufacture, consumption and export of cultivated diamond jewellery. India's cultivated diamond market stood at Rs 22 crore in 2021 and is expected to grow dramatically this year. India currently accounts for about 15 per cent of the world's cultivated diamond production.

India's cultivated diamond jewelry exports are currently worth about $1.3 billion and are growing at an annual rate of 105 percent, according to Indian government records. According to sources, cultivating diamonds is likely to grow to 400 billion rupees ($5.04 billion) in the next five years from the current 100 billion rupees ($1.26 billion).

The report estimates that the global market for cultivated diamond jewelry is growing at an annual rate of 28 percent. India accounts for only 4% of mined diamonds, according to statistics. In other words, only four out of every 100 people own mined diamonds. With cultivated diamonds, that percentage will increase dramatically. In the early days, diamonds were only the property of the famous and the rich. Now the Indian middle class will also be able to afford it easily, which will open up the market greatly.